Two major concerns exist within the insurance sector - under-penetration and a significant protection gap, according to experts. At present, according to a recent National Insurance Academy report, the insurance penetration stands at only 4.2 per cent, which is lower than the global average of seven per cent. This means that 73 per cent of the population doesn't have health insurance, there is an 87 per cent protection gap for life insurance, and 95 per cent of the population lacks catastrophe coverage. Additionally, only 24 per cent of employees are enrolled in employee retirement schemes. Even for those with insurance coverage, there is a substantial gap in the sum insured and coverage adequacy, with property insurance underinsurance exceeding 25 per cent and out-of-pocket health expenses exceeding 50 per cent.